With record levels of dry powder available for investment, find out what's in store for private markets in 2025 and beyond.

Listen to crafting capital in partnership with UBS at partners.wS.J.com slash UBS, Spotify and Apple Podcasts.

Tech leaders pledge up to a half a trillion dollars in US AI investments during Trump's term.

Plus, Pentagon pick Pete Hexathe faces new accusations over his drinking and an update on the state of the Gaza ceasefire four days on.

So far, there is indeed a pause in the fighting. Aid agencies have also taken the

chance to rush in more aid. But of course, the big question is, how long will this pause continue

and will it turn into a real winding down of the war? It's Wednesday, January 22nd. I'm Luke Vargas

for the Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today.

President Trump's Defense Secretary pick, Pete Hankseth, is facing new allegations from an ex-relative who told U.S. lawmakers that he regularly abused alcohol, leading to erratic

and aggressive behavior. That sworn statement by Hegseth's former sister-in-law resurfaces

allegations about his drinking, which Hegseth brushed off during his confirmation hearing last

week, calling them a smear campaign coming from anonymous sources, even while

telling senators that he would abstain from consuming alcohol if tapped to lead the Pentagon.

It's not clear if the new allegations will have any effect on Hegzath's confirmation, which

the Republican-controlled Senate is expected to vote on later this week.

The leaders of OpenAI, Oracle, SoftBank, and Emeraldi investor MGX are pledging to invest

up to a half a trillion dollars in AI infrastructure in the U.S., including data centers over

the next four years. The joint venture, known as Stargate, is the latest high-profile initiative timed with

the start of the Trump administration.

And in remarks at the White House, SoftBank CEO Masayoshi's son sought to tie its unveiling

to political change in Washington.

As you say yesterday, this is the beginning of golden age.

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